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Gas Prices Fall Below $2 a Gallon

National average has dropped $1.10 from last year

November 21, 2008

• Feds Consider Gas Tax Hike Even With Low Prices • Oil Rises But Gas Keeps Sinking • Cheap Gas Prices Provide Holiday Cheer • Falling Gas Prices Finally Level Off • Gas Prices Fall Nearly 12 Cents in a Week • Gas Prices at 2005 Levels • OPEC Unable to Stop Gas Prices' Slide • Give Thanks for Falling Gas Prices • Gas Prices Fall Below $2 a Gallon • Oil and Gas Supplies Rise • Gas Prices Accelerate Their Decline • Gasoline Prices Down 19 Cents in a Week • Charlotte Gas Stations Make Refunds to Consumers • Oil Snaps Back As Markets Sense Post-Election Bounce • Gas Prices Settle Still Lower for Weekend • Gasoline Prices Keep Falling • Gas Below $3 Nationwide • Average Gas Price Down to Nearly $3 a Gallon • Gas Prices Drop, Along With Oil • Gas Prices Head Lower as Economy Slows • Gas Price Declines for 9 Days • Gas Prices Continue Downward Trend • Oil Prices Surge By Record $25 a Barrel • Gas Prices Drop for 5 Days • Price-Gouging Probes Spread to 6 States • Investigations of $5 Gas in North Carolina, Florida, and Virginia • Shortages, Price Hikes Follow Ike in Southeast • States Investigate Gasoline Price Gouging Claims • Pumping More U.S. Oil Won't Lower Prices, Consumer Group Says • Oil Prices Fall, Gas Prices Surge • Gas Prices Slide 8 Percent from Record --- • More ...

Just in time for the weekend, the national average price of a gallon of unleaded gasoline has fallen below $2 a gallon for the first time in more than two years. The price Friday was $1.989 a gallon, according to AAA.

That's down more than 16 cents from last Friday, down nearly 87 cents in 30 days, and down nearly $1.10 from a year ago.

A major reason is the continuing drop in oil prices, which fell below $50 a barrel this week. Crude oil fell to $48.50 a barrel on the New York Mercantile Exchange Thursday, the lowest level since May 18, 2005, when oil hit $46.80 a barrel. Many analysts think oil go fall below $40 before it begins to rally.

Alaska remains the lone state to have an average gas price above $3, at $3.07. The average price in Hawaii this week finally fell below the $3 mark, to $2.948. The two states continue to have the most expensive gasoline in the nation.

The cheapest gas this week can be found in Missouri. Show-Me State motorists are paying an average $1.69 for unleaded regular. Oklahoma has the second cheapest price, at $1.782. Ohio is next at $1.791.

California motorists are paying an average of $2.239 for gas, down more than $1 from just one month ago. The price has even slipped below $2 in the Stockton-Lodi area, with an average of $1.989. The highest average price for gas in California Friday was in the San Francisco and Santa Barbara areas, at $2.368 a gallon.

Drivers in New York are paying an average of $2.371 for unleaded regular. The cheapest average prices is found in the Syracuse area at $2.239 with the most expensive in the Buffalo-Niagara Falls area, at $2.503.

On Friday 31 states had average unleaded regular prices below $2 a gallon.

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